George-Marios Angeletos
Professor of Behavioral Macroeconomics
Northwestern University
Macroeconomic Policy
This biennial conference series focuses on specific topics of relevance for central banks and features six to eight papers that are contributed by leading specialists in the field. The conferences attracts academics and central bankers from around the world. Subject to the regular refereeing process, the papers are published in a special issue of the Journal of Monetary Economics. The conference series was started in 1992 with the next edition being held in 2026.
Conference Program
The topic of the conference is ‘Macroeconomic Policy’’ and will be held in honor of Robert J. Barro. All aspects of macroeconomic policy (monetary, fiscal, growth, financial,..) will be considered.
Thursday, October 29
16:00 – 21:00
Shuttle Service from Wichtrach Train Station
We offer a free shuttle service for our participants from Wichtrach train station to the Study Center Gerzensee
19:00
Opening Buffet
Friday, October 30
Chair: Florian Scheuer (University of Zurich)
09:00 – 10:00
The Old Keynesian Model
Presenter: Robert J. Barro (Harvard University)
Discussant: Jordi Gali (CREI and Universitat Pompeu Fabra)
10:00 – 10:30
Coffee Break
10:30 – 11:30
Rotemberg meets Barro-Grossman
Presenter: George-Marios Angeletos (Northwestern University)
Discussant: Fabrice Collard (Toulouse School of Economics)
11:30 – 12:30
The transmission of central bank corporate bond purchases
Presenter: Livia Chiţu (European Central Bank), Co-authored with: Matthieu Bussiere, Refet Gurkaynak, Silvana Tenreyo, Riccardo Zago
Discussant: Frank Smets (Bank for International Settlements)
Chair: Sylvia Kaufmann (Study Center Gerzensee)
12:45 – 14:15
Standing Lunch and Young Researcher Poster Session
- The Macroeconomic Consequences of Undermining Central Bank Independence: Evidence from Governor Transitions
presented by Hedda Thorell (Stockholm University) - Fiscal Multipliers, Tax Structures, and Public Debt in a HANK Model
presented by Ante Šterc (Banco de Portugal and Nova School of Business and Economics). - Do Fed Chair Communications Transmit Emotional Spillovers to Global Financial Markets? Evidence from Multimodal Cues
presented by Yiru Chen (University of Leeds) - On the Optimal Design of Consumption Taxes
presented by Michael Barczay (International Monetary Fund). - Dynamics and Optimal Monetary-Fiscal Policy in Fiscally Dominant Economies with Occasionally Inflexible Monetary Authorities
presented by Matteo Gatto (University of Rome) - Which Macroeconomic News Matters for Price-Setting?
presented by Lukas Hack (ETH Zurich & University of Mannheim) - A Welfare Analysis of the Central Bank Balance Sheet
presented by William Pagel (University of Oxford & Bank of England) - The Hawk in the Room
presented by Marina Kotsa (University College London) - Reading Between the Lines: Uncovering Inflation Expectations from Multilingual Media Coverage
presented by Alexandra Piller (Study Center Gerzensee & University of Bern) - The asymmetric and heterogeneous pass-through of input prices to firms’ expectations and decisions
presented by Giacomo Mangiante (Bank of Italy)
Chair: George-Marios Angeletos (Northwestern University)
15:00 – 16:00
The Macroeconomics of Tariff Shocks
Presenter: Matthew Rognlie (Northwestern University), Co-authored with: Adrien Auclert, Ludwig Straub
Discussant: Anastasios Karantounias (University of Surrey)
16:00 – 17:00
The United States of Europe
Presenter: Jaume Ventura (CREI), Co-authored with Doruk Gokalp, Ugur Yesilbayraktar
Discussant: Philippe Bacchetta (University of Lausanne)
17:00 – 17:30
Coffee Break
Chair: Harris Dellas (University of Surrey and Karl Brunner Institute)
17:30 – 18:45
Macroeconomic Policy
Panelists: Robert J. Barro (Harvard University), Francesco Bianchi (Johns Hopkins University), Martin Eichenbaum (Northwestern University), Harald Uhlig (University of Chicago)
19:00
Dinner
Saturday, October 31
Chair: Martin Brown (Study Center Gerzensee)
09:00 – 10:00
Ricardian equivalence and the maturity of government debt
Presenter: Ricardo Reis (London School of Economics)
Discussant: Bruno Biais (HEC Paris)
10:00 – 10:30
Coffee Break
10:30 – 11:30
Monetary Policy with Partial Fiscal Backing
Presenter: Roberto M. Billi (Sveriges Riksbank), Co-authored with Frank Smets
Discussant: Leonardo Melosi (European University Institute)
11:30 – 12:30
Dynamic Efficiency With Private Information
Presenter: Jean-Charles Rochet (Toulouse School of Economics), Co-authored with: Bruno Biais, Hans Gersbach, Stephane Villeneuve
Discussant: Matias Bayas-Erazo (University of Zurich)
13:00
Departure for Excursion
Scientific Committee
Harris Dellas
Professor of Economics, University of Surrey
Director, Karl Brunner Institute
Florian Scheuer
UBS Professor of Economics of Institutions
University of Zurich
Silvana Tenreyro
James E. Meade Professor of Economics
London School of Economics
Organizing Committee
Martin Brown (Study Center Gerzensee)
Sylvia Kaufmann (Study Center Gerzensee)
Marc-Antoine Ramelet (Swiss National Bank)
